NY A06625

Expands New York's low-income housing tax credit program to include single-family homes with one to four housing units, condominium units, and cooperative housing shares purchased by low or moderate-income buyers.

Defines "qualified residences" as properties located in census tracts where 70% of families earn less than 90% of area/statewide median income, rural areas, federally recognized Indian tribe reservations, or areas of chronic economic distress.

Allows taxpayers who substantially rehabilitate or construct qualified residences (with rehabilitation expenditures of at least $15,000) to claim tax credits against state taxes under articles 9-A, 22, or 33 of the tax law for ten taxable years.

Allocates $6 million in aggregate tax credits annually for qualified residences, separate from the $142-$172 million allocated to traditional low-income housing buildings.

Requires the commissioner to establish monitoring procedures to ensure compliance with program provisions and notify the Department of Taxation and Finance of any noncompliance.